Medical Schemes Act, 1998 (Act No. 131 of 1998)RegulationsRegulations in terms of the Medical Schemes ActChapter 6 : Administrators of medical schemes23. Depositing of medical scheme moneys |
| 1) | An administrator must deposit any medical scheme moneys under administration, not later than the business day following the date of receipt thereof, into a bank account opened in the name of the medical scheme. |
| 2) | When medical scheme moneys, including contributions, are paid by means of electronic funds transfer, such moneys shall be deposited directly into a bank account opened in the name of the medical scheme. |
| 3) | Moneys contemplated in subregulations (1) or (2) shall at no time be deposited in any bank account other than that of the medical scheme. |